Chargeup collaborates with Paisalo Digital Ltd and Goenka Electric Motors (GEM) to transform the lives of 10,000 e-rickshaw drivers
Delhi, 06 July 2022: For the first time ever, an affordable E-Rickshaw Sale across Delhi/NCR has been launched wherein EVs will be sold at a 40% lower price. Chargeup, the company building Bharat’s largest battery-swapping network for electric two and three-wheelers, has collaborated with Paisalo Digital Ltd and Goenka Electric Motors (GEM), to help E-rickshaw drivers own their dream vehicle at only INR 90,000!
The first-of-its-kind alliance will potentially become a game changer for more than 10,000 e-rickshaw drivers as they will benefit from rate reduction, financing and battery swapping support.
As a pilot offering, all Chargeup battery swapping stations across Delhi/NCR will provide easy ownership of EVs. Around 50 e-rickshaw drivers have already benefited so far and the numbers will only go up! Further, Chargeup has come up with a finance scheme enabling the drivers to loan the vehicle cost at an affordable 10% interest rate. The service will be extended to other cities going forward. The two years of pandemic have been hard on e-rickshaw drivers. Owning and operating an e-rickshaw had become a costly proposition for them due to lack of funds. That is where this innovative association between Chargeup, Paisalo Digital and GEM will come as an opportunity for them and create a breakthrough in the EV market.
Speaking about this, Varun Goenka, Co-Founder and CEO, Chargeup, said, “Chargeup has been helping e-rickshaw drivers overcome the range anxiety through our easy battery swapping services. We have facilitated nearly doubling of their operational range and earning capacity, bringing about better financial security and improvement in the standard of living for the EV drivers and their families. A collaboration like ours with PaisaLo Digital Ltd and Goenka Electric Motors (GEM) is a first in the EV ecosystem and will make e-rickshaws available to drivers at lower rates and simple financing options. With this alliance, Chargeup takes a major step ahead in our mission to power the growth of million drivers. We expect a large number of e-rickshaw drivers as well as other youth looking for sustainable income options to avail of this scheme.”
Zafar Equbal, Co-Founder and CEO, GEM, said, “E-rickshaws are the largest segment of EVs currently in operation in India, and helping millions of Indians enjoy comfortable and affordable last mile commute across all major Indian cities. Through this collaboration, we are aiming to make our range of e-rickshaws available to potential buyers at highly affordable rates. This will not only help in their economic empowerment, but also boost the sustainable commute services across Delhi/NCR.”
Talking about the collaboration, Mr. Rajeev Seth, Paisalo said, “We now hope that e-rickshaw drivers will be able to come forward and take advantage of the scheme and purchase their dream vehicle putting the hardships they suffered during the pandemic behind. Our collaboration with GEM and Chargeup will enable faster adoption of EVs with 50% reduction in down payment and EMIs.”
Chargeup raised USD 2.5 million in pre-Series A round led by Capital-A and Anicut Capital. The funding is being used for the expansion of Chargeup’s network to new cities and building larger capacities to meet the growing demand. The company also believes that the government’s Battery Swapping Policy will act as a catalyst for faster adoption of EVs.
Varun Goenka and Ankur Madan, founders of Chargeup, are building Bharat’s Largest Battery Swapping Network, powering India’s electric mobility target, with a core objective to facilitate faster EV adoption, by eliminating the range and capital issue. Chargeup’s simple solution of Batter as a Service offered through its tech-enabled network empowers the EV drivers to take longer trips with access to multi swap points and unlimited kms. With its plug-and-play solution, the drivers without any assistance swap the batteries within 2 minutes. This has hugely impacted commercial EV drivers’ daily earnings, making a better livelihood for them.
About Paisalo Digital Limited
PAISALO DIGITAL LIMITED (BSE: PAISALO | NSE: PAISALO) is a leading Systemically Important Non-Deposit taking NBFC registered with the Reserve Bank of India. PAISALO today is at the forefront of digital lending, a well-governed, listed Fintech player with a strong distribution network in rural and semi-urban parts of India. The company is a leader in seamless credit distribution, services, and management of small-ticket loans in a Co-Lending tie-up with SBI, BOB, PNB and UCO Banks; with the objective of promoting rural development, self-employment, and women empowerment. PAISALO offers income-generating unsecured loans from INR 10,000 to 3,00,000 through the Individual and Joint lending model provided to entrepreneurs. The company has served over 1,500,000+ borrowers.
About Goenka Electric Motors (GEM)
Goenka Electric Motor Vehicles Private Limited is a foremost company and indulged in offering an excellent quality range of E Rickshaw, etc. Their presented products are widely used as public transportation. These products are extensively available in various designs and stipulations to give extreme satisfaction to the clientele. These products are developed making use of exceptional quality material and components in sync with universal quality standards. These products are environment-friendly in nature and comprise of various qualities such as user-friendly, consume less energy, high load tolerance and can endure in any condition. With their contemporary infrastructure, thery are able to accomplish all necessity of patrons.